FDIC Law, Regulations, Related Acts

1000 - Federal Deposit Insurance Act

SEC. 41. PAYMENTS ON FOREIGN DEPOSITS
PROHIBITED.

(a) IN GENERAL.--Notwithstanding any other provision of
law, the Corporation, the Board of Governors of the Federal Reserve
System, the Resolution Trust Corporation, any other agency, department,
and instrumentality of the United States, and any corporation owned or
controlled by the United States may not, directly or indirectly, make
any payment or provide any assistance, guarantee, or transfer under
this Act or any other provision of law in connection with any insured
depository institution which would have the direct or indirect effect
of satisfying, in whole or in part, any claim against the institution
for obligations of the institution which would constitute deposits as
defined in section 3(1) but for
subparagraphs (A) and (B) of section 3(1)(5).

(b) EXCEPTION.--Subsection (a) shall not apply to any
payment, assistance, guarantee, or transfer made or provided by the
Corporation if the Board of Directors determines in writing that such
action is not inconsistent with any requirement of
section 13(c).

(c) DISCOUNT WINDOW LENDING.--No provision of this section
shall be construed as prohibiting any Federal Reserve bank from making
advances or otherwise extending credit pursuant to the Federal Reserve
Act to any insured depository institution to the extent that such
advance or extension of credit is consistent with the conditions and
limitations imposed under section 10B of such Act.